Report Description

Forecast Period


Market Size (2022)

USD 93 billion

CAGR (2023-2028)


Fastest Growing Segment

Electric Propulsion

Largest Market



Market Overview

Global Passenger Cars Shared Mobility Market has valued at USD 93 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 10.7% through 2028. The passenger car shared mobility market represents a dynamic and evolving sector within the broader transportation landscape. This market is characterized by the concept of sharing vehicles, where individuals can access cars on a short-term basis, typically through smartphone applications, without the burdens of ownership. It has gained significant traction in urban areas worldwide, driven by factors such as urbanization, sustainability concerns, technological advancements, and changing consumer preferences. Shared mobility services offer users a cost-effective and convenient alternative to owning a private car, particularly in densely populated urban centers. They align with the growing emphasis on sustainability and environmental responsibility, with many operators incorporating electric vehicles into their fleets to reduce emissions and contribute to cleaner air in cities.

Key Market Drivers

Urbanization and Population Density

One of the primary drivers of the passenger car shared mobility market is the global trend toward urbanization and the resulting increase in population density in cities. As more people move to urban areas, cities face significant challenges related to traffic congestion, limited parking space, and air pollution. These challenges have led individuals to seek alternative transportation solutions that are more efficient and sustainable. Shared mobility services, including ridesharing and car-sharing, have gained popularity in densely populated urban centers as they offer convenient alternatives to private car ownership. With high population density, the demand for transportation options that reduce the number of vehicles on the road and minimize parking challenges has driven the growth of passenger car shared mobility.

Furthermore, shared mobility services align with the desire of urban residents to reduce the costs and inconveniences associated with owning a private car in densely populated areas. As cities continue to grow and evolve, the appeal of shared mobility services is expected to increase, making them an integral part of urban transportation ecosystems.

Technological Advancements and Connectivity

Advancements in technology and connectivity have played a pivotal role in driving the growth of the passenger car shared mobility market. The widespread availability of smartphones and the development of user-friendly mobile applications have made it easier than ever for individuals to access and use shared mobility services. Mobile apps allow users to locate, reserve, and unlock shared vehicles with just a few taps on their smartphones. Real-time vehicle tracking, digital payment options, and integrated navigation systems enhance the user experience, making shared mobility services more attractive and convenient. Furthermore, the integration of telematics and Internet of Things (IoT) technologies in shared vehicles enables operators to monitor and manage their fleets efficiently. These technologies provide valuable data on vehicle usage, maintenance needs, and user behavior, allowing operators to optimize their operations and provide better service.

Environmental Awareness and Sustainability

Growing environmental awareness and concerns about climate change have become significant drivers of the passenger car shared mobility market. As individuals and communities seek to reduce their carbon footprints, there is a growing demand for transportation solutions that are more sustainable and eco-friendlier. Shared mobility services, particularly those that incorporate electric and hybrid vehicles into their fleets, align with sustainability goals. Electric vehicles (EVs) are known for their lower emissions and reduced environmental impact compared to traditional internal combustion engine (ICE) vehicles. By offering electric or hybrid vehicles as part of their shared fleets, operators contribute to cleaner air and a reduction in greenhouse gas emissions. Moreover, shared mobility services promote the efficient use of vehicles, reducing the overall number of cars on the road and the associated pollution and congestion. This has a positive impact on urban air quality and can contribute to achieving environmental targets set by cities and governments.

Cost Savings and Affordability

Economic considerations play a significant role in driving the passenger car shared mobility market. The cost of owning and maintaining a private car, including expenses related to fuel, insurance, parking, and maintenance, can be substantial. Shared mobility services provide an attractive alternative for individuals looking to reduce their transportation costs. Shared mobility users can access vehicles on a pay-as-you-go basis, eliminating the need for large upfront costs associated with car ownership. This pay-per-use model is particularly appealing to budget-conscious individuals who may not require a private vehicle for daily use but still need transportation options. Furthermore, shared mobility services often offer competitive pricing compared to traditional taxi services or ridesharing platforms. The availability of various vehicle options, including economy cars and larger vehicles for group travel, allows users to choose the most cost-effective option for their specific needs.

Changing Mobility Preferences and Behavior

Changing mobility preferences and behavior patterns among consumers have had a significant impact on the growth of the passenger car shared mobility market. Many urban residents and millennials are reevaluating their transportation choices and shifting away from traditional car ownership models. The desire for more flexible and convenient transportation options, coupled with the recognition that private cars often remain parked and underutilized, has led individuals to explore shared mobility alternatives. Shared mobility services offer the flexibility to use a car only when needed, without the responsibilities and costs associated with ownership. Moreover, the rise of the sharing economy and the acceptance of the concept of "access over ownership" have influenced people's attitudes toward transportation. Shared mobility aligns with the trend of valuing access to goods and services over the permanent ownership of assets.